Inhibrx Biosciences, Inc. (NASDAQ:INBX) Receives Consensus Recommendation of "Hold" from Brokerages

Key Points

• Inhibrx Biosciences currently carries a consensus analyst rating of "Hold" from six covering analysts, with a mix of sell, hold, buy, and strong-buy opinions. The average 1-year price target is $150.
• The stock has seen notable institutional investor activity, and hedge funds and other institutions now own about 82.46% of shares. Recent moves included new stakes and increased holdings by firms such as Russell Investments, Invesco, and Bank of America.
• On the operating side, Inhibrx reported a loss of $2.15 per share in its latest quarter, missing estimates, while the company’s stock recently traded at $87.39 with a wide 52-week range of $20.55 to $155.29.

Inhibrx Biosciences, Inc. (NASDAQ:INBX - Get Free Report) has earned an average rating of "Hold" from the six analysts that are covering the company, MarketBeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, one has assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $150.00.

Several equities research analysts have weighed in on the company. Wall Street Zen raised Inhibrx Biosciences from a "sell" rating to a "hold" rating in a research report on Sunday, July 12th. Weiss Ratings reissued a "sell (d-)" rating on shares of Inhibrx Biosciences in a report on Tuesday, June 16th. Zacks Research upgraded Inhibrx Biosciences to a "hold" rating in a research note on Thursday, April 9th. Stifel Nicolaus began coverage on Inhibrx Biosciences in a report on Wednesday, April 8th. They set a "buy" rating and a $150.00 target price on the stock. Finally, Lifesci Capital raised Inhibrx Biosciences to a "strong-buy" rating in a report on Friday, April 24th.

Hedge Funds Weigh In On Inhibrx Biosciences

Several institutional investors have recently made changes to their positions in the company. Strs Ohio purchased a new stake in Inhibrx Biosciences during the first quarter worth $27,000. Russell Investments Group Ltd. increased its holdings in Inhibrx Biosciences by 11.0% in the second quarter. Russell Investments Group Ltd. now owns 29,993 shares of the company's stock valued at $428,000 after buying an additional 2,963 shares in the last quarter. Invesco Ltd. purchased a new position in Inhibrx Biosciences in the second quarter valued at $193,000. Bank of America Corp DE raised its position in shares of Inhibrx Biosciences by 19.2% in the second quarter. Bank of America Corp DE now owns 9,130 shares of the company's stock worth $130,000 after acquiring an additional 1,469 shares during the period. Finally, Bridgeway Capital Management LLC acquired a new position in shares of Inhibrx Biosciences in the second quarter worth about $235,000. 82.46% of the stock is owned by hedge funds and other institutional investors.

Inhibrx Biosciences Price Performance

INBX stock opened at $87.39 on Monday. The company has a market capitalization of $1.28 billion, a P/E ratio of -10.42 and a beta of 3.41. Inhibrx Biosciences has a 12 month low of $20.55 and a 12 month high of $155.29. The firm's fifty day simple moving average is $98.37 and its 200-day simple moving average is $87.02. The company has a debt-to-equity ratio of 12.58, a current ratio of 6.46 and a quick ratio of 6.46.

Inhibrx Biosciences (NASDAQ:INBX - Get Free Report) last issued its earnings results on Thursday, May 14th. The company reported ($2.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.68) by ($0.47). As a group, equities research analysts forecast that Inhibrx Biosciences will post -10.15 earnings per share for the current year.

About Inhibrx Biosciences

Inhibrx, Inc, headquartered in La Jolla, California, is a clinical-stage biotechnology company focused on the discovery and development of next-generation protein therapeutics. The company's proprietary protein engineering platform enables the design and production of multispecific and multivalent biologics with tailored binding characteristics and favorable pharmacokinetic properties. By leveraging high-throughput screening and structure-based design, Inhibrx aims to create molecules that address challenging targets in oncology, regenerative medicine and other areas of unmet medical need.

The company's lead candidate, INBRX-109, is a tetravalent agonist of the receptor tyrosine kinase ROR2 designed to stimulate tissue repair and regeneration.

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